NOTES TO THE FINANCIAL STATEMENTS 112

Note 17. Collections and Refunds of Federal Revenue

Collections of Federal Tax Revenue for the Year Ended September 30, 2017

Federal Tax Year to Which Collections Relate

Tax

Revenue Prior

(In billions of dollars) Collections 2017 2016 2015 Years

Individual income tax and tax 

withholdings ................................. 2,976.3 1,930.0 988.6 32.3 25.4

Corporation income taxes ............... 338.6 218.6 108.9 1.8 9.3

Excise taxes .................................. 89.4 66.7 22.5 - 0.2

Unemployment taxes ..................... 44.2 31.4 12.7 - 0.1

Customs duties .............................. 34.9 34.9 - - -

Estate and gift taxes ....................... 23.8 0.2 20.9 1.0 1.7

Railroad retirement taxes ................ 6.0 4.6 1.4 - -

Fines, penalties, interest, and other 

revenue ......................................... 6.6 6.5 0.1 - -

Subtotal 3,519.8 2,292.9 1,155.1 35.1 36.7

Less: amounts collected for nonfederal entities ............................... (0.4)

Total............................................ 3,519.4

Treasury is the Government’s principal revenue-collecting agency. Collections of individual income and tax withholdings

include FICA/SECA and individual income taxes. These taxes are characterized as non-exchange revenue.

Excise taxes, also characterized as non-exchange revenue, consist of taxes collected for various items, such as airline

tickets, gasoline products, distilled spirits and imported liquor, tobacco, firearms, and others.

Federal Tax Refunds Disbursed for the Year Ended September 30, 2017

Tax Year to Which Refunds Relate

Refunds Prior

(In billions of dollars) Disbursed 2017 2016 2015 Years

Individual income tax and tax 

withholdings .......................................... 389.2 46.3 306.4 27.8 8.7

Corporation income taxes ....................... 44.9 5.2 14.4 7.8 17.5

Excise taxes .......................................... 2.1 0.4 1.0 0.2 0.5

Unemployment taxes .............................. 0.1 - 0.1 - -

Customs duties ...................................... 1.7 1.1 0.3 0.1 0.2

Estate and gift taxes ............................... 1.1 - 0.2 0.4 0.5

Total ................................................... 439.1 53.0 322.4 36.3 27.4
113 NOTES TO THE FINANCIAL STATEMENTS 

Reconciliation of Revenue to Tax Collections for the Year

Ended September 30, 2017, and 2016

(In billions of dollars) 2017 2016

Consolidated revenue per the Statement of Operations and Changes in Net 

Position ............................................................................................................ 3,374.6 3,345.3

Tax refunds ....................................................................................................... 439.1 428.3

Earned income tax and child tax credit imputed revenue ...................................... (79.1) (80.8)

Other tax credits and accrual adjustments ........................................................... (49.0) (41.0)

Federal Insurance Contributions Act - Tax ........................................................... 21.9 21.2

Federal Reserve earnings .................................................................................. (81.3) (115.7)

Nontax-related fines and penalties reported by agencies ...................................... (78.4) (100.3)

Nontax-related earned revenue........................................................................... (28.4) (18.2)

Collections of federal tax revenue ....................................................................... 3,519.4 3,438.8

Consolidated revenue in the SOCNP is presented on a modified cash basis, net of tax refunds, and includes other nontax related revenue. Earned Income Tax Credit, Child Tax Credit, and other tax credits amounts (unaudited) are included in

gross cost in the Statements of Net Cost. The Federal Insurance Contributions Act – Tax is included in the Individual income

and tax withholdings line in the Collections of Federal tax revenue; however, it is not reported on the SOCNP as these

collections are intragovernmental revenue and eliminated in consolidation. The table above reconciles total revenue to federal

tax collections.
 NOTES TO THE FINANCIAL STATEMENTS 114

Collections of Federal Revenue for the Year Ended September 30, 2016

Federal Tax Year to Which Collections Relate

Tax

Revenue Prior

(In billions of dollars) Collections 2016 2015 2014 Years

Individual income tax and tax 

withholdings ..................................... 2,874.9 1,833.5 982.9 32.8 25.7

Corporation income taxes.................... 345.6 228.2 107.2 2.5 7.7

Excise taxes ....................................... 101.8 78.6 23.0 0.1 0.1

Unemployment taxes .......................... 47.1 31.9 15.1 - 0.1

Customs duties................................... 35.0 35.0 - - -

Estate and gift taxes ........................... 22.3 - 8.0 0.9 13.4

Railroad retirement taxes .................... 5.9 4.5 1.4 - -

Fines, penalties, interest and other 

revenue ............................................. 6.6 6.5 0.1 - -

Subtotal........................................... 3,439.2 2,218.2 1,137.7 36.3 47.0

Less: amounts collected for nonfederal entities .................................... (0.4)

Total................................................ 3,438.8

Federal Tax Refunds Disbursed for the Year Ended September 30, 2016

Tax Year to Which Refunds Relate

Refunds Prior

(In billions of dollars) Disbursed 2016 2015 2014 Years

Individual income tax and tax 

withholdings ....................................... 372.3 37.0 300.7 26.5 8.1

Corporation income taxes...................... 51.4 6.5 19.2 7.4 18.3

Excise taxes ......................................... 1.5 0.2 0.6 0.4 0.3

Unemployment taxes ............................ 0.2 - 0.2 - -

Customs duties..................................... 1.6 0.9 0.3 0.1 0.3

Estate and gift taxes ............................. 1.3 0.4 0.5 0.1 0.3

Total.................................................. 428.3 45.0 321.5 34.5 27.3